上海证券发布研报称，2025 年全球晶圆代工产业营收有望同比增长 22.1%，AI 和电动汽车或将持续助力 2026 年市场增长。中信证券则表示，预 计2030年的中国AI芯片市场规模将在2025年350-400亿美元基础上，增至原来的7-9倍，增幅高于全球。中国AI芯片国产化率有望从2025年30~40% 提升至2030年的60~70%水平。 消息面上，12月3日晚间，摩尔线程发布公告称，公司股票将于2025年12月5日（周五）在上海证券交易所科创板上市。同日，沐曦股份发布公告 称，其在科创板IPO上市的询价结果出炉，并确定发行价格为104.66元/股，按照此次初步发行价格与发行后总股本计算，沐曦股份市值达418亿 元。 （原标题：港股异动 | 芯片股涨幅居前 华虹半导体(01347)盘中涨超4% 中芯国际(00981)涨近3%） 智通财经APP获悉，芯片股涨幅居前，截至发稿，华虹半导体(01347)涨3.45%，报76.5港元；上海复旦(01385)涨2.63%，报39.78港元；中芯国际 (00981)涨1.86%，报68.45港元。 ...

Group 1 - Semiconductor stocks are performing well, with Huahong Semiconductor rising by 3.45% to HKD 76.5, Shanghai Fudan increasing by 2.63% to HKD 39.78, and SMIC up by 1.86% to HKD 68.45 [1] - Moore Threads announced that its stock will be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2025 [1] - Muxi Co., Ltd. confirmed its IPO pricing at CNY 104.66 per share, resulting in a market capitalization of CNY 41.8 billion [1] Group 2 - Shanghai Securities reported that the global wafer foundry industry revenue is expected to grow by 22.1% year-on-year in 2025, driven by AI and electric vehicles [1] - CITIC Securities projected that the Chinese AI chip market size will increase from USD 35-40 billion in 2025 to 7-9 times that amount by 2030, with growth rates surpassing the global average [1] - The domestic production rate of AI chips in China is anticipated to rise from 30-40% in 2025 to 60-70% by 2030 [1]

Core Viewpoint - Semiconductor stocks are experiencing significant gains in early trading, indicating positive market sentiment towards the sector [1][2]. Group 1: Stock Performance - Hua Hong Semiconductor (01347) has risen by 3.45%, trading at HKD 76.50 [1][2]. - Shanghai Fudan (01385) has increased by 2.79%, with a current price of HKD 39.84 [1][2]. - SMIC (00981) has seen a rise of 1.86%, currently priced at HKD 68.45 [1][2].

Core Insights - SMIC's stock price decreased by 1.22% on December 3, with a trading volume of 2.757 billion yuan [1] - The company reported a net financing outflow of 35.25 million yuan on the same day, with a total financing balance of 13.2 billion yuan [1] Financing Overview - On December 3, SMIC had a financing buy-in of 360 million yuan, with a financing balance of 13.177 billion yuan, representing 5.90% of its market capitalization [1] - The financing balance is above the 80th percentile of the past year, indicating a high level of financing activity [1] Short Selling Overview - On December 3, SMIC repaid 10,100 shares in short selling and sold 10,400 shares, amounting to 1.1621 million yuan at the closing price [1] - The short selling balance stood at 2.236 million yuan, which is below the 50th percentile of the past year, indicating a lower level of short selling activity [1] Company Profile - SMIC, established on April 3, 2000, is located in Shanghai and specializes in integrated circuit wafer foundry services across various technology nodes from 0.35 microns to 14 nanometers [1] - The company's revenue composition is primarily from integrated circuit wafer foundry services (93.83%) and other services (6.17%) [1] Shareholder Information - As of September 30, 2025, SMIC had 336,200 shareholders, an increase of 33.27% from the previous period, while the average number of circulating shares per shareholder decreased by 25.41% [2] - The top ten circulating shareholders include several ETFs, with notable reductions in holdings from major shareholders [2]

Core Viewpoint - The Hong Kong stock market, particularly the information technology sector, shows stable performance with a notable increase in certain stocks, while others experience declines. The overall profitability of the Hong Kong market remains strong, with low valuations despite recent gains, suggesting a favorable long-term investment outlook [1]. Group 1: Market Performance - The Hong Kong Information Technology ETF (159131) saw a mid-session increase of 0.7% [1]. - Strong performers included UBTECH, Q Technology, and InnoCare, with respective gains of 2.47%, 1.5%, and 1.43% [1]. - Weak performers included Fubon Group, China Software International, and Kingdee International, with declines of 0.87%, 0.78%, and 0.46% [1]. Group 2: Company Developments - SMIC announced the completion of equipment installation for its 12-inch wafer fab expansion project, expected to commence production in Q1 2026 [1]. - Xiaomi Group-W launched a new generation of bionic robots on November 30, featuring self-developed AI models and achieving commercial mass production [1]. Group 3: Investment Insights - Everbright Securities highlighted the strong profitability of the Hong Kong market, noting the relative scarcity of assets in internet, new consumption, and innovative pharmaceuticals [1]. - Despite several months of increases, valuations remain low, indicating high cost-effectiveness for long-term investments [1]. - The report suggests a focus on technology growth and high dividend "barbell" strategies, including sectors like self-controllable technology, chips, high-end manufacturing, telecommunications, and public utilities [1]. Group 4: Index Composition - The Hong Kong Information Technology ETF (159131) passively tracks the Hong Kong Stock Connect Information C (HKD) Index, with top ten weighted stocks including SMIC, Xiaomi Group-W, Lenovo Group, SenseTime-W, Hua Hong Semiconductor, Kingdee International, Sunny Optical Technology, UBTECH, Meitu, and BYD Electronics [1].

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.68%, Green Power Environmental (01330) at 69.12%, and Da Zhong Public Utilities (01635) at 69.03% [1] - Alibaba-W (09988), Meituan-W (03690), and Pop Mart (09992) saw the largest increases in holding amounts over the last five trading days, with increases of +3.329 billion, +1.319 billion, and +1.060 billion respectively [1] - The largest decreases in holding amounts were observed in Zijin Mining (02899) at -861 million, SMIC (00981) at -815 million, and Lenovo Group (00992) at -430 million [1][2] Hong Kong Stock Connect Holding Ratios - China Telecom (00728): 100.87 billion shares, 72.68% holding ratio [1] - Green Power Environmental (01330): 2.80 billion shares, 69.12% holding ratio [1] - Da Zhong Public Utilities (01635): 3.68 billion shares, 69.03% holding ratio [1] - Other notable companies include Haotian International Construction Investment (01341) at 68.75% and China Shenhua (01088) at 67.00% [1] Recent Increases in Holdings (Last 5 Trading Days) - Alibaba-W (09988): +3.329 billion, +21.6752 million shares [1] - Meituan-W (03690): +1.319 billion, +13.7526 million shares [1] - Pop Mart (09992): +1.060 billion, +4.9058 million shares [1] - Other companies with significant increases include ZTE Corporation (00763) and China Merchants Bank (03968) [2] Recent Decreases in Holdings (Last 5 Trading Days) - Zijin Mining (02899): -861 million, -26.2640 million shares [2] - SMIC (00981): -815 million, -12.1252 million shares [2] - Lenovo Group (00992): -430 million, -43.6821 million shares [2] - Other companies with notable decreases include China Mobile (00941) and China Pacific Insurance (02328) [2]

Core Insights - The article highlights the net inflow and outflow of funds for various companies in the Hong Kong stock market, indicating significant movements in investor sentiment and market dynamics [1][2]. Net Inflow Summary - Alibaba-W (09988) leads with a net inflow of 1.319 billion, representing a 9.10% increase in its closing price to 154.900, up by 2.24% [2]. - ZTE Corporation (00763) follows with a net inflow of 609 million, showing a 16.20% increase in its closing price to 35.800, up by 13.94% [2]. - Meituan-W (03690) has a net inflow of 607 million, with a 6.98% increase in its closing price to 99.550, down by 2.88% [2]. - Other notable inflows include Agricultural Bank of China (01288) with 205 million (40.35% increase) and China Ping An (02318) with 142 million (12.57% increase) [2]. Net Outflow Summary - China Pacific Insurance (02328) experiences the highest net outflow of 394 million, with a 24.61% decrease in its closing price to 17.180, down by 2.72% [2]. - China Construction Bank (00939) follows with a net outflow of 360 million, reflecting a 19.06% decrease in its closing price to 8.150, down by 0.24% [2]. - Semiconductor Manufacturing International Corporation (00981) has a net outflow of 304 million, with an 11.99% decrease in its closing price to 69.450, up by 0.94% [2]. - Other significant outflows include Southern Hang Seng Technology (03033) with 164 million and China Biologic Products (01177) with 152 million [2]. Net Inflow Ratio Summary - E Fund Hang Seng ESG (03039) leads with a net inflow ratio of 100.00%, with a net inflow of 15.5 thousand and a closing price of 3.858, up by 0.47% [2]. - Shanghai Industrial Holdings (00363) has a net inflow ratio of 58.29%, with a net inflow of 15.575 million and a closing price of 15.710, up by 2.81% [2]. - China Oriental Education (00667) follows with a net inflow ratio of 53.10%, with a net inflow of 3.556 million and a closing price of 6.610, up by 4.59% [2]. Net Outflow Ratio Summary - Everbright Environment (00257) leads with a net outflow ratio of -59.58%, with a net outflow of 76.816 million and a closing price of 4.950, down by 1.39% [3]. - Kanglong Chemical (03759) follows with a net outflow ratio of -57.77%, with a net outflow of 83.838 million and a closing price of 21.880, down by 0.64% [3]. - Winner Fashion (03709) has a net outflow ratio of -51.01%, with a net outflow of 5.294 million and a closing price of 8.260, up by 0.61% [3].

Core Viewpoint - The Hang Seng Index fell by 1.28% on December 3, with southbound capital transactions totaling HKD 661.32 billion, indicating a net inflow of HKD 22.79 billion [1][2] Group 1: Southbound Capital Transactions - Total southbound capital transactions amounted to HKD 661.32 billion, with buy transactions at HKD 342.05 billion and sell transactions at HKD 319.26 billion, resulting in a net buy of HKD 22.79 billion [1] - The Shenzhen Stock Connect saw a total transaction amount of HKD 270.82 billion, with net buying of HKD 17.32 billion, while the Shanghai Stock Connect had a total transaction amount of HKD 390.50 billion, with net buying of HKD 5.48 billion [1] Group 2: Active Stocks - Alibaba-W had the highest transaction amount among southbound stocks at HKD 56.45 billion, followed by Tencent Holdings at HKD 35.66 billion and Xiaomi Group-W at HKD 27.66 billion [1][2] - Xiaomi Group-W recorded a net buy of HKD 8.70 billion, while Alibaba-W had a net buy of HKD 4.27 billion, and Meituan-W had a net buy of HKD 2.98 billion [1][2] - Tencent Holdings experienced the largest net sell of HKD 7.33 billion, with a closing price drop of 0.97%, while SMIC and Kuaishou-W faced net sells of HKD 4.19 billion and HKD 1.85 billion, respectively [1][2] Group 3: Continuous Net Buying - Three stocks, Alibaba-W, Meituan-W, and Xiaomi Group-W, have seen continuous net buying for over three days, with Alibaba-W leading at a total net buy of HKD 286.49 billion [2] - Meituan-W and Xiaomi Group-W had net buys of HKD 22.80 billion and HKD 18.21 billion, respectively, during the same period [2]

Core Viewpoint - The Hang Seng Index fell by 1.28% to close at 25,760.73 points on December 3, with a net inflow of HKD 2.279 billion through the southbound trading channel [1][3]. Group 1: Market Activity - The total trading volume for the southbound trading on December 3 was HKD 66.132 billion, with a net buy of HKD 2.279 billion [1]. - The Shanghai Stock Exchange's southbound trading accounted for HKD 39.050 billion in trading volume, with a net buy of HKD 0.548 billion, while the Shenzhen Stock Exchange had a trading volume of HKD 27.082 billion and a net buy of HKD 1.732 billion [1]. Group 2: Active Stocks - In the Shanghai Stock Exchange's southbound trading, Alibaba-W had the highest trading volume at HKD 32.55 billion, followed by Tencent Holdings and SMIC with HKD 20.92 billion and HKD 13.12 billion respectively [1]. - In terms of net buy amounts, Alibaba-W led with a net buy of HKD 2.60 billion, despite its stock price dropping by 2.17% [1]. - Tencent Holdings experienced the highest net sell amount of HKD 7.26 billion, with a closing price decrease of 0.97% [1]. Group 3: Shenzhen Stock Exchange Activity - In the Shenzhen Stock Exchange's southbound trading, Alibaba-W also topped the trading volume with HKD 23.90 billion, followed by Xiaomi Group-W and Tencent Holdings with HKD 16.21 billion and HKD 14.74 billion respectively [2]. - Xiaomi Group-W had the highest net buy amount of HKD 9.46 billion, despite a closing price drop of 1.18% [2]. - SMIC recorded the highest net sell amount of HKD 1.88 billion, with a closing price decrease of 2.11% [2].

Core Insights - On December 3, 2025, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 3.255 billion, 2.092 billion, and 1.312 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Xiaomi Group-W (01810), and Tencent Holdings (00700) also ranked as the top three, with trading amounts of 2.390 billion, 1.621 billion, and 1.474 billion respectively [1] Southbound Stock Connect Trading Activity - **Top Active Companies**: - Alibaba-W (09988): Trading amount of 3.255 billion, net inflow of 260 million [2] - Tencent Holdings (00700): Trading amount of 2.092 billion, net outflow of 726 million [2] - SMIC (00981): Trading amount of 1.312 billion, net outflow of 231 million [2] - **Other Notable Companies**: - Xiaomi Group-W (01810): Trading amount of 1.145 billion, net outflow of 76.07 million [2] - Meituan-W (03690): Trading amount of 930 million, net inflow of 129 million [2] Shenzhen-Hong Kong Stock Connect Trading Activity - **Top Active Companies**: - Alibaba-W (09988): Trading amount of 2.390 billion, net inflow of 167 million [2] - Xiaomi Group-W (01810): Trading amount of 1.621 billion, net inflow of 946 million [2] - Tencent Holdings (00700): Trading amount of 1.474 billion, net outflow of 6.3735 million [2] - **Other Notable Companies**: - SMIC (00981): Trading amount of 866 million, net outflow of 188 million [2] - Meituan-W (03690): Trading amount of 697 million, net inflow of 169 million [2]